BTC Moves In Rigid Boundaries, Further Downside Pressure is Likely to be Short Term Trend Reversal Only; Oct 18, 2021

Top 5 Headlines on Digital Currency:

  • UK-based Jacobi Asset Management claims to have received approval for the launch of what the firm is calling “the World’s First Tier One Bitcoin ETF.” – Investing.
  • El Salvador’s mainstream Bitcoin (BTC) adoption is gaining momentum during the ongoing bull run as citizens are increasingly exchanging their U.S. dollar savings for BTC. – Investing.
  • is the first Philanthropic NFT Marketplace to fill the gap between fine Art and digital Art by listing and creating NFTs in partnership with some of the greatest artist as well as promoting emerging talents; Infinity8’s COO Valentin announced together with Sacha Jafri during the Crypto Expo Dubai 2021 some really exciting projects to be released in the coming weeks – Investing.
  • Jack Dorsey, the American billionaire who is the co-founder and CEO of microblogging platform Twitter and the CEO of payments solutions provider Square, says the latter is “considering” building an “open” Bitcoin mining system – Investing.
  • Medical services company MDS Mexico is using blockchain technology to prevent the forgery of fake COVID-19 tests in the Latin American country – Investing.

Technical View:

  • The BTC trades in narrow range but remains well supported above $61,000 mark.
  • The pair made intraday high at $62,679 and low at $61,431 mark.
  • Today a day and H1 chart with triple EMA suggests bullish trend for the time being.
  • A sustained close above $62,540 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $61,220 will check further supports.
Supports Resistances
$61,220 $62,990
$60,700 $63,570
$60,150 $63,810
$59,500 $64,000
$59,000 $64,490

Take a look and do trade wisely!
Good Luck

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